tv Cavuto Coast to Coast FOX Business October 15, 2015 12:00pm-2:01pm EDT
the past eight years. thank you very much indeed. and cathy says this. stuart, you and your team are the best. well, we appreciate it, cathy, i'm not sure you're right. but we do appreciate it. now here's the other guy. neil cavuto, oh, charles, it's you. you've got the spin-off of "varney & company." >> thank you very much. happy 8th birthday and we do have breaking news right now, on the federal budget, i am charles payne, by the way, and in for neil cavuto this afternoon, well, it's going to happen a lot sooner than a we thought, just saying the u.s. will hit its debt limit november 3rd, that's right around the corner. that means we're going to be bumping up around the credit limit on our national visa bill and if we don't act fast, we're out of cash but the big question is what is the plan? we're about to get fresh details from the man himself, jack lou, liz claman grills him today, 4:00 p.m. eastern time right here on the fox
business network, you've got to see that. that is huge. listen. the debt bomb is ticking. right now, though, you look at the market, the market's up 32 points, it seems wall street doesn't care, stock's up even though the debt is piling up, but former -- david walker has a spending for investors everywhere. there wasn't time a couple of years ago when people were really sort of worried about this. >> well, the american people are still worried about it about the fact is deficits have gone down from $1.4 trillion in 2009 to about 450 billion. stuart: but isn't that how we celebrate something like that, if we go the bush slash back home years, that would have been $450 billion is constitutional a lot of money. >> no question about it and even though the deficits have come down dramatically, we're still piling up debt, have too much debt as a percentage of the economy, demographics and health care costs are going to make it worse going forward
and what we're doing is we're dealing with so-called discretionary spending, which is not going to solve the problem. we've got to deal with front door mandatory spending, which social insurance programs, et cetera, we've got to deal with tax preferences, and if we don't -- >> and yet the closest we've come to anything like that was a sequestration, which was the newer option that neither party thought they would go to, but there was so much fighting, we ended up going to it and both sides fighting about it. sequestration, which was a small, small spending curve, that's causing so much anxiety in washington d.c., this things that you're alluding to, how can we ever really take care of it? i mean it doesn't feel inevitable that we're going to have to from the absolute pain of the pain that assad of borrowing this money. >> well, we're spending in debt and that's the truth. the fact of the marital is that when the republicans realize we're going to have to have more revenues through
comprehensive tax reform and the democrats realize that we're going to have to end up reforming social insurance programs to make them sustainable and secure, that's when we're going to get something done. the interesting -- charles: i've got to challenge that. whorls that now? these are smart people. >> the biggest debt is the deficit, the last two presidents, the current one and the prior one did not lead with fiscal responsibility. we have gone from $5.3 trillion in debt in 2000 to over $18 trillion under two president of the united states. and so we need to make sure that this is a priority for the next president, we need to recognize reality, we have to get tax reform, reform social programs, prioritize spending if we're going to end up. charles: we look at europe as a cautionary tale and particularly what we've seen with the entire continent is that they came right up to the
cliff and greece -- since they fell off the cliff, it doesn't feels to me what you're saying is obviously -- you're absolutely spot on and, by the way, we're in this ultralow interest rate period, at some point interest rates are going to go up. so people have to understand we may spend a trillion dollars one day just to meet the interest on what we borrowed. that means no money for your kids to go to school. that means there's no infrastructure spending, there's a weaker military, how can we articulate that so that the average person says, hey, i'm willing to spend right now. >> there's no one going to bail out america, we have to solve our own problems and you're as well right, charles. the republicans are concerned about defense, the democrats are concerned about the social safety net, the fastest growing expense in the federal budget in the next 10 years is interest and what do you get for interest? nothing. so we need to wake up. the debts even limit that we talked about. charles: right. >> we're the only nation with a debt limit.
it's down right dumb. charles: but wouldn't it be raised 74 times anyway? we've got to about had it's on paper. we're kind of, like, yeah. >> as yogi berra would say, god rest his soul, what we need to do is reform the budget process with we need to go to a constitutional debt as a percentage of the economy limit that if it's hit. charles: i love it. >> if there's an automatic trigger and mechanisms that take place, dealing with mandatory spending. charles: i've got to let you go, dave, but i do want to say it's interesting because we've danced around social security some kind of reform there. cost of living adjustments for retirees is not going to be hiked and so i think that senior venues getting the shaft and they're going to be the ones who are going to push back against any changes in social security. although never impacts them, they're just so definitely afraid, and i don't blame them for not trusting this government. but if you can talk to the american public on both sides, david walker, thank you very much. >> thank you.
charles: this is the deal. we continue to pile up our debt but unfortunately or maybe fortunately hearing the democrats in the debate, all they want to do is pile up our spending, the big question is how do you pay for all of this stuff that you want to give away? democratic strategist christy, and campaign manager mark, mark, listen, i understand buying elections but how do they pay for all of this stuff that they were promising? >> charles, we saw in that debate the other night was stana claus, mrs. klaus giving away what we don't have. they elected stana claus in 2008 and they don't believe in stana claus anymore. bernie sanders, for instance, is proposing $17 trillion in new spending and he's just getting started. but what they're losing they're losing appreciation for the fact that we've raised the debt $8 trillion. what has the average american household gained from that?
there's less earnings, less employment, and greater personal debt and they're not showing any appreciation or understanding whatsoever for market economics or cable to that point while the federal government tons pile on debt, continue to spend wreckly, the average household has brought the debt down, we're not using the credit cards the way we once did, we're so if i say cally responsible as a nation but the people who lead us aren't and now more promises. how do you meet that? >> well, i think what republicans don't seem to understand is that economic inequality is a real issue and people across america are really feeling it. so they don't begrudge democratic effort to alleviate, like, raising minimum wage or bernie sanders proposal for free college. because, you know, again, average americans spite the fact that economy is recovering, we're seeing the dow rebound again and unemployment is, you know,
down again to 5%. still feeling as though they don't quite have our economic situation under control. charles: you know what, christian? i'll just jump in here. the reason why they know it's down to 5%, they know that millions of people left the job market and some cases they might be the ones who left the job market. and understand that this higher minimum wage thing, it's the reason why a lot of people are in favor for it because it only impacts less than 3% of workers and only half of those are adults beyond teenage years but here's the thing. two days ago usa today had the top five places states income inequal. four of them led by economic policies decades. so maybe your cure is the actual reason we have income inequality. >> i don't think so. i think a lot of times that the reason why these policies are being -- they're being proposed but not actually implemented because, unfortunately, we do have, you know, legislations and divided government.
so it may be led by progressive but there may be a republican. charles: yeah, i know those republicans have been ruining connecticut and california for a long time. mark, i'm going to go to you. here's one thing we do know, people do like freebies and people want to hear what are you going to do for me and it resonates. but someone's got to pay this at some point. i just had a great conversation with dave walker, that's not being articulated because sometimes it does lose you votes. >> charles, look, i don't think american voters really want to see more spending. they've seen it. $8trillion did not solve our problems. so these democrats were effectively saying 8 trillion wasn't enough. but american voters as we've seen support for outsiders on the republican side, american voters are looking for a dramatic change from the spending policies, david walker was right. we need some mechanisms in place like a budget -- the balanced budget amendment
would be a great start so that they they can be fiscally responsible. charles: we've got to leave this there but i think we all agree this election will be about the american public with two distinct choices; right? more freebies and a lot of lavish spending or responsibility. thank you, both, very much. appreciate it. >> thank you. charles: well, right now the market slightly higher, dow up 40 points and we continue to get mixed signals from the federal reserve and richmond president saying yesterday that the country should raise rates soon but dow said other fed presidents are going to go along with that, two others said yesterday too. so to gary b smith on investors trying to find the idea what the heck the fed is going to do. gary, the mixed signals from the federal reserve, i think -- the market went down when they didn't hike rates, it went down when they didn't, we don't know anymore, do we? >> well, you know, it's interesting, charles, that you talk about mixed signals, i
don't see the mixed signals to be honest with you. i see the negative signals. i mean what do you want to look at first? earnings? look at walmart. look at netflix, do you want to look at inflation? we don't have any inflation. you want to look at gdp growth? it's pretty much flat lined. you want to look at global growth? it's in the dumps. i mean manufacturing is down. i'm trying to find a reason if there is mixed signals, where are the positive signals that say they should raise rates other than some moral imperative that they -- people think they should have. charles: well, let me call on my inner jenny if i could, she would say on the dashboard unemployment is 5.2%, we know that's phony, but she might point to a record amount of job openings, 5.2 million jobs are open, she might point to slight wage increases and signs that they will increase, she might point to those kinds of things as the signs that
may be, hey, after almost a decade, it's time to raise rates a little bit. >> well, as you point out, a lot of those were wages may increase but, in fact, they've been flat for decades. i mean people aren't he didn't more, i counter that as you mention there's a lot of holes in the unemployment rate with what you just mentioned with our last guest, the labor force participation rate. what's it at? a 38-year low? so the signs that the economy -- look, the fed should only raise i think in two reasons. one we have inflation starting to boil over or two the economy is overheating. right now, maybe that's going to happen in the future right now, i -- there's no signs of that. charles: i've got to let you too. also if we do go into 2016, politics plays a role and very likely they'll do it during the like a. real quick, your opinion on that. >> totally agree. there's no way that right now they're going to raise rates and tank for whoever the obama
era parent is. charles: one of my favorites, ni seeing you. >> thank you. charles: kasich revealed his economic plans while weighing on his antiwashington rhetori rhetoric, blake berman, looks like he's trying to make a dent. what's the reaction so far? >> well, this is, charles, as lengthy of a plan we have seen in this election cycle, here it is right here. i think you can see a little bit of it. there are five different fact sheets here, 11 total pages, more than 60 bullet points throughout, kasich's plan deals with tax cuts in which he lowers the top rate down to 28%, the corporate rate down to 25% but it doesn't end there. also talked about reforms to spending, energy, spending, medicare, medicaid, regulation, and more, as i mentioned fairly lengthy. the bottom line here is kasich said the federal budget would be balanced in eight years or his potential presidency.
now, i asked kasich's campaign this morning about this lengthy plan and they say that kasich is basically trying to demonstrate that economic hinges on several factors and they say kasich is the one who could get the economy moving again. as you know he does have experience with this. he often points to how he shared the house budget committee in the late '90s, early 2000s, which was the last time we had a balanced budget. for kasich, though, something has to stick soon because i want you to take a look at the recent polling, the averages, right now he's just about in the 2% range nationally, 2% range in iowa, 7.5% in new hampshire, but that's just a distant six there. he's got to move at some point. charles: been talked up a lot as a potential vp in part because he's of ohio, we'll see if this helps him out at all. >> thanks. charles: right now we're waiting to see how much jeb bush raised in the third quarter. next the fundraiser that says jeb needs all the cash he can get. hear why. next
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neil: this is definitely the stock of the day. take a look at it. subscriber growth was weaker than expected here and let's take a deeper dive later on. i think that it is a buy. it will probably go higher. who has the money to stay right now? who is about to go? we have already seen some people leave because of a lack of money. we are still awaiting jeb bush's
figures. they could come out at any time. of course, we have seen that. over the last month or so, these big donors have been getting a little antsy. >> they have been getting antsy. i have to tell you, i have a lot of people call me and say, well, what should i do? that is bad. big donors are seeking advice because they do not have faith. ashley: a william plus warchest. i have not seen a memorable ad. i understand old-school set up. set up your ground forces. what is he doing significant for the money? >> is the establishment
candidate. everything is in position for him to take first place. sadly enough, jeb bush is a great guy. a great candidate. an excellent governor. i do not know what is happening. we have rdc it resonates. we have seen scott walker come to the same sort of a conclusion. are the dynamics changing? donald trump spoke with neil cavuto the other day about these big donors. let's play that. >> that is the problem with the way the system works. rubio has money in the bank. not nearly as much. anybody that is given a lot of money by these people--
charles: these candidates will never work for the people. >> when you take money from people or entity or superpower, you hold onto them because of their belief. you take money from an ultraconservative pat, you are true to your words. charles: taking money from people they don't believe in. that is where trump is right. on a different trade. how many other candidates can sit there and stroked a check for the entire race? charles: jeb bush will on bail a big bowler. these large donors. why would he do that? >> i guess that he is trying to show that there is muscle behind him.
>> we will see what they are interested in. very easy to connect the dots. the cattle industry. whatever it is. underscoring the point that donald trump and others have made. >> yes and no. i think people will not be shocked by big money being behind him. establishment donors are already behind the port anyway. charles: a little worried about jeb bush. >> they are looking at rubio. a big splash. charles: 6 million. even fiorina got more ben rubio. charlie gasparino on the mishap before the warning right after this.
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charles: former basketball star lamar odom fighting for his life. we have dagen mcdowell here. dagen: it is just tragic. an incredible athlete that had a tough upbringing. he was raised by his grandmother. he won two championships with the l.a. lakers. was sucked into the reality show with his marriage to call only. over the weekend that this legal brothel out in nevada, he is, there is no update other than we know that he is struggling and fighting for his life. charles: we know that there was cocaine use. dagen: one of the camera women here, one of my favorite women, there is so much reported by tabloid agencies.
here is what we do know. there were a series of 911 calls. in the call, one of the people that called for emergency services said that he had cocaine with him when he checked into this brothel, the love french, on saturday. he was not found until around 3:00 o'clock local time on tuesday. charles: a legal business. dagen: again people say brothels. there are only 17 brothels in the entire state of nevada. seven of them are owned by the guy that owns the one where lamar odom was found. prostitution is legal in 12 of 16 counties. you want to talk about a downward spiral. charles: i think that he was
always bipolar. i think he had emotional issues. dagen: addiction problems. charles: deadly combinations. probably focusing more on the kardashian aspect. the drug aspect. when we talk about gun legislation, another opportunity to talk about mental wellness is dagen: patrick kennedy has written this incredible book about that very thing. you have to take mental illness had on. i will add this, though. i think reality shows can be equally repugnant. take people in and put them on tv who clearly need help. they show them struggling and talk about them struggling. i do not think that that helps them at all. charles: to people like watching car crashes and that is what those are.
thanks. is janet yellen going to keep it down to help president obama? we will have more after this. ♪ with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. if you're an adult with type 2 diabetes and your a1c is not at goal with certain diabetes pills or daily insulin, your doctor may be talking about adding medication to help lower your a1c. ask your doctor if adding once-a-week tanzeum is right for you. once-a-week tanzeum is an injectable prescription medicine that may improve blood sugar in adults with type 2 diabetes, along with diet and exercise. once-a-week tanzeum works by helping your body release its own natural insulin when it's needed.
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>> the new york stock exchange and another. do i have to be more significant than that? i will give you the timeline going back before yesterday. tuesday. tuesday night walmart executives tell the new york stock exchange that they will have some news on wednesday at an investor conference. it takes place at the new york stock exchange. they want to give all investors a chance to trade off the same information. you do not want the guys that are inside the conference just to hear that. that morning, wednesday morning, the ceo of walmart was on cnbc. does not mention anything. the stock actually goes up. then, disaster. market caught by surprise. stock tanks. >> i think that the interview
really hurt a lot. the narrative was they would have positive things to say. they are the warned. it is not uncommon for a company to warn. bad news does not go away overnight. charlie: what will you tell us today about your problems. will there be any surprises? the expectation was billed in that there would be positive news and there was not. this is not like some inside baseball thing that we're doing. it is one of the most widely held stocks in america. they got screwed two ways. if you watch the cnbc interview, you may have bought. makes the price go up. got screwed another way by the new york stock exchange. the only people that knew the
real detailed stuff about 2017 profits not been very good where the analysts that were in that investor conference. went out and started calling their traders to sell or short the stock while the little guy got screwed. the new york stock exchange and cnbc. charles: this thing that they had, i thought more and more these events were open to anyone. i know their analysts. the analysts get out. the individual sitting there looking stupid. showing up to the board meetings. if you only own stocks, you can walk in.
dentist at all not stock. they are doing dental work. that is where it becomes clear. if you read any of the post- enron regulations, there is all this stuff. it seems like the new york stock exchange -- we should point out, the new york stock exchange at walmart, they did not think the information they released was material. that is not material. we should also point out that we have reached out to walmart. there is a scheduling conflict. >> he does to interviews with cnbc. and our mother publicly traded company. the ceo of apple gave inside scoop. one day about two weeks ago.
a mouthpiece for a company that screws up. charles: it is dangerous and it is unfair. thank you, charlie. appreciate it. the feds keeping rates low just to help the white house politically. that is what donald trump said. the reason they're keeping the interest rate down because obama does not want have a recession during his administration. that is a major, major charge. quantitative easing 3.5. because of the failing fiscal policies of the old, administration. if you have a work force participation rate, the lowest in about 40 years. you have to do those things to try to create this façade.
we continue to hear about how great the numbers are on wall street. the federal reserve, these low interest rates. i think the senior bush was running. he had amazing poll numbers. the fed started raising rates. the market came down. a lot of republicans say that that was the fed. this unwritten rule that the fed will not lessen rates going into an election year. you say that that is at play right now. >> do we want to have a free market opportunity. it seems that no one has any control under it. looking back at the constitution, monetary policy should fall. it has been taking affect.
you follow this a lot more closely than i do. it seems that a bubble is being created. if we did have a stronger economy, being able to take it 1% increase. that is not what is happening. charles: taking these victory laps on the economy. too afraid to move. also to your point, i think it was created in 1918. smoothing out our economy so we would not have the cycles. since then we have had unlimited recessions. the great depression. could there ever be a move in washington, d.c., congress and the white house to get rid of the federal reserve? >> i think let's go back and looked look at the original reason why the federal reserve was created. at least make sure that it operates in that charter.
we have seen them get too deeply into the monetary policy. it can be part of the manipulation of politics in the country. if we want to have a true free-market, free enterprise of the economy, there is a lot of things that should be well and open to the american people that i think are not. charles: there should be some sort of major chinese wall between them and the administration. >> yes. there has to be. it is not just crony capitalism, but you see crony economics. there is a reason. coming back here to the united states of america. there are so many regulations and taxes. you did not hear any of this discussed tuesday night.
12% down to 6%. let's get rid of a lot of these exemptions and reductions. we will just have a flat tax. charles: i agree. selling products all around the world. i will differ. the administration's power over the federal reserve. this is too great. i think we ultimately have to get rid of it. you are always spot on. i appreciate you being here. >> thank you. absolutely. >> you know square. is it really the right time to do that? we will discuss next.
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charles: here is that they question for a lot of big companies. square is about to go public. a lot of other companies are holding off. connell: a lot of companies. square actually is going public. lower the price of its offering. the supermarket chain decided to to lay. he recently decided it wanted to wait. you know about the markets. everybody tells themselves, if you're dumping into this environment, you better be good.
>> all right. jack dorsey, can you run two companies at once? can he take the company's public successfully? adding some perspective on this. tuesday of this week. last year was like 80 plus billion. charles: on both sides. a lot less ipos this year. talking about these unicorns. on the private side, investors, it does not matter for them. on the public side, it is a notion of trying to pick the right market. you are ready to raise money. putting an emphasis on the action and stock. >> 100%. at least with this company, this payment business where you make little swipes on your phone,
there is some talk, people follow the company that maybe this is forced a little bit. they otherwise may not have wanted to do that. there is a lot of pressure. i can run these two companies. both of which are separate challenges. charles: hangs a lot. president obama reversing his decision to bring home troops from afghanistan. ♪ just wanted to touch base. we came to manage over $800 billion in assets, through face time when you really need it. it's how edward jones makes sense of investing. you can't breathed. through your nose. suddenly, you're a mouthbreather. a mouthbreather! how can anyone sleep like that? well, just put on a breathe right strip and pow!
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afghanistan war. the economic toll. apparently, president obama, this is the closest we have come to a maricopa. >> it is a disaster. we cannot do it again. isis has about one third of the territory. hopefully, he will do it differently. one of the concerns, charles, we are in a tougher position. we told the five guys. we told the enemy what we were doing. that was a mistake. now i hope the president keeps his word. the growing al qaeda threat. charles: spending our time trying to recapture lost territory. this large city was taken down by the taliban in.
he said the nature of the mission has not changed. should the nature of the mission change? >> it is kind of in flux right now. >> the point is that it was lost. it felt fell to the taliban an end the surprise attack. how may times do we have to hear that these are surprise attacks? they are on the march. do not be surprised. they will come after you. >> a relatively large number of fighters. taking over the sound. total surprise. frankly, we have pulled back on u.s. intelligence. that is one thing we have to do. we have to be sure that there is a transition. charles: we spent a billion
dollars training. they saw that black isis flagg. how do we know. >> they greatly outnumbered them. we pulled out. we allowed them to go back. >> when do we know that these guys are not afraid. they are not intimidated or will not be intimidated here it. >> not a political decision. the president made a campaign commitment. he followed the pledge. they were ready. they were not ready. we allowed the government and a lot of the troops left. this is one of the problems. it is about doing the right thing. charles: getting back to the issues, senator. we should be in the payment business rather than the
offenses. trying to recapture. >> absolutely. we should not be on the front lines of that. we need the trainers there. we need the intelligence there. they did not do that in iraq. look at what is happening in syria. now in afghanistan they are starting to make little change in policy. >> it is so heartbreaking because of the investment we have already made. the blood of so many young beautiful americans that were killed. retreat and defeat. the results of it -- >> totally agree. they look at this. it is really discouraging. squandering some.
it will not be there forever. let's have a transition. >> what i see happening, as a layman, but a real interested laymen, perhaps a major assault. the largest city. a turning point. we had muslim invaders. one of the key cities in the middle east. vladimir putin. iranians, serious troops. i do not care what you think about him. i think that it will be an amazing move. what would it mean for the middle east in general? >> i think that this focus here is saving us. if he is successful, keep putting up forces in the area. hoping to save us.
he created all of these problems. you are right. it would be impressive. we as united states of america need a strategy. if it is to get rid of assad, assad created these issues. charles: there is no doubt about it. the most evil kind of leaders ever. indiscriminately killing their own people for decades. if they recapture, he may be there to stay. >> if they recapture, you are absolutely right. we will see. my concern is lack of a strategy. we need to be on the offense. >> thank you very much. maybe it is not too late. ignoring the massive debt timebomb. is it a good sign that we can still go up despite.
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>> welcome back to cavuto coast to coast, i'm charles payne in for neil today. hey, the debt ceiling is coming a lot sooner than we expected. mark it down on your calendar, november 3rd our government could run out of money after that date. so far the markets aren't reacting to it and even the presidential candidates have pushed off the issue. u.s. stocks, you can see, really nicely so far the dow is up almost 90 points. i've got to tell you something, walker told me we needed major changes to get out of the mess. >> we're the only industrialized nation with a debt limit. it's downright dumb. we need to go to a constitutional debt as a percentage of the economy limit that if it's-- >> love it, love it. >> there are triggers and mechanisms to take place.
charles: dave, liz and dagen are here on the set. everybody knows the crew, right? david, you've got some-- david: talk about the debt could be boring, but when you look at it our gdp in the past 15 years, our economy has grown 44%, that's pretty healthy. look how much our debt has grown. 44% versus 300%. that's how much -- they're supposed to tack pretty much in general. this is so out of whack. a 44% increase in our economy versus 3 00%. if we continue on. charles: it's at 100% david: our economy is 18 trillion and that's include intragovernmental as well as governmental debt. 44% versus 300%, we're going to surpass japan if we keep this
up over the next ten years liz: it's quadrupled. it's astonishing. and every administration make like they're the heroes with spending your money and tax hikes. when do we turn upsidedown in terms of debt or growth? e we near there? the fear is that we have so many people on government handouts. charles: right liz: if you take them away then you're going to have real serious problems like we've seen in the streets of countries. charles: it's a spending issue, right, guys? more than anything else, how do you reel in government spending. dagen: it's entilement, reforming social security and medicare, they're huge issue and everyone is frantic about the premium increase coming down for about a third of people in medicare part b, a premium increase of about 50%, congress wants to stop that. so it's entitlement, and the interest on the existing debt in five years, the amount that we pay every year just on
interest, will be equal to our defense budget liz: yes. dagen: and that's using a calculation of a very moderate increase in interest rates. i say that congress will do nothing, jack all, nada, nil, zip, david . david: more government borrows the better for the economy, keynesian, and they haven't seen it happen. dagen: they're going to address the looming problem until it's a problem you can't address anymore liz: what's happening in the meantime you'll get the super galactic committees. david: i don't know intergalactic liz: until there's a crisis. and when is the crisis?
it's when the baby boomers really retire en masse. charles: it's like in greece, who can bail out america? europe and america, could bail out greece, but it's human nature, can anybody elect on a platform, i'm going to cut spending liz: we've got a federal reserve-- we used to have celebrity ceo's and now we've got celebrity banke bankers. they're the ones that put us in the-- . the central bankers had a powwow in lima, peru. guess who the main speaker was? sean penn, they're taking this from someone who idolizes hugo chav chavez. dagen: we're borrowing at 2% overten years. 2%, so we want the rest of the world to look lousy.
we need our economy to be lousy so interest rates don't go up. charles: i tell you. david: bernie will solve everything. charles: they made a movie about him, remember? . dagen: talking about denmark and liz: he's never lived in one. dagen: you can drive the border into a more capitalist state. charles: you know what, guys? i think the most frightening aspect, we're going to have to hit a brick wall. i hope we don't and pray we don't. there's no way of bailing out america and the irony, we do all of these things to avoid a hard landing. i always tell people we can jump off a one story building now or 10-story building later. we've got to jump and make adjustments and we're not. who has got the guts to tell this to the american people. dagen: you have the giant bubbles closer and closer together. you have a government and central bank that will not let
the previous one really deflate. that they try and catch it so you're getting one after the another and they're increasingly close together. charles: we talked about central bank superstars, later on today, we have a real government superstar. dagen: who? >> fox business exclusive, jack lew, the treasury secretary of the united states, one of the most powerful in the united states, liz claman is going to bring an interview at 4 p.m. and jared levy why they're ignored problems in wall street. why does wall street care? we ticked up on the dow. >> look at what money and debt is, right? they're interchangeable. money is debt at its most sort of basic level. the treasury prints money, right? they print bonds and have a coupon rate. so we're so used to debt, it's part of our society and our world. charles: wait a minute, jared. money-- debt is money?
>> money is debt, money is debt, 100% money is debt. charles: it doesn't matter because i had this conversation with my wife and i hope she's not working -- i mean, watching right now, but when she thinks that the visa card is money, and she can spend it willy nilly, it's not. she can buy stuff with it, but it's not money and i got to pay the bill later. who is going to pay america's bill? >> well, nobody, because it's going to keep perpetuating. first of all, excuse me because i took a lot of notes here, i wanted to make sure i got the statistics correct. corporate debt by the way, 500% greater than in 1950, okay? so obviously they're leveraged. the good news, credit card debt is actually one of the things that hasn't ballooned. charles: you know why? because amend street wil ever -- not this generation, i think we've got a great depression like generation a, they were crushed so badly,
they're so much smarter about spending money they don't have. the people they elect do spend the money willy nilly, it's not theirs and continue to put our kids in a harmful position. our country cannot remain great when our debt goes up to 20, 25, 30 trillion dollars. we're on a trajectory out of this world and what people don't understand, why doesn't wall street reflect that sort of fear or ticking time bomb? >> because they have to keep producing. right? and again, because if you go back to my earlier point, because money is debt, it has to be perpetuated. right now the average consumer is leveraged 105% to their net income, their debt to income ratio when you factor in the house. the government is headed toward that level. and charles, i don't have an answer for you, it's deep, it's philosophical, so many layers to this. what i can tell you is right now, wall street's okay with it, money is cheap and borrow with ease and it keeps things flowing. you take away money, you take away debt, you take away the
ability to borrow and then you have a problem. for now, and again, to an earlier point you made. the answer may be to stop the debt ceiling crap and maybe have limits on sort of debt to gdp, somewhere along those lines. >> there should be a line between our debt and our gdp, appreciate it. the markets aren't the only ones brushing off this debt thing. critics say that the presidential candidates aren't touching it. they're leaving it on the sidelines, and carl pan dino says there's at least one candidate making it a focal point. >> thanks. charles: what candidate has the guts to talk about this? >> i think between the lines, you've seen trump talking about a day when he's president and he's created so many jobs and he's brought this economy, all kinds of new strength and fortitude to go forward. and at that point, our gdp is going to exceed that debt encrease every year and we're going to see a much better life in america.
charles: what a lot of peopler worried about, because the debt has reached an amazing mind-boggling level, it will be tough to get the n.d.p. -- gdp to grow. we've got to spend a certain amount-- >> the point is, there is no other way to do it. the era of sending jobs overseas, maybe it's time we shut it down, okay? shut down china, shut down japan, not shut it down totally, but shut down that growth that they've been taking for us, i forget 640 manufacturing companies closed in the period of obama's reign here in the states and i don't think that there is any other answer to this mind-boggling debt that we've assembled right now, but to expand that economy quickly and the way to do it is to bring jobs back to america, put people to work on infrastructure, get the
infrastructure rebuilt in this country. and spread that wealth out to all americans. charles: although it's easier said than done, right? i mean, in other words-- everything is always. charles: if we go into a trade war with mexico, china and japan and we put tariffs on their products and they put tariffs on ours. can we go back to the good old days of america that need the rest of the world? we build the wall around us and we manufacture goods here and sell it to americans and all live happily ever after or too much entrenched in the economy now? >> those are the words of those who believe that america is lesser than it really is. america is the most powerful nation on earth, the wealth and strength of this nation has grown so vastly, and in the last few presidencies, we've seen a decline. since ronald reagan, we haven't really been attending to that economy. we've carelessly let our industry go and expand overseas
and tried to prop up other governments at great cost to our future. we have to always be strong and then carry a big stick and handle our foreign affairs and that which help the nourishing companies avoid the disasters, the tribal wars between them bring on, by being the tough guy and the strong guy because we're good people and good people-- no doubt. >> do the right thing. >> i agree, we've spent trillions of dollars and lost countless lives being the policemen of the world. we brought former enemies, helped to rehabilitate their economy. i agree with you, america, no country has ever done for the world what we have. we've fed the world, we've policed the world and we've helped educate the world. >> and then we came and told the world, oh, we've taken advantage of you. charles: and ridiculous. i'm with you on that. the idea that somehow we should
feel guilty for our success and we should curb it, i agree we're the best country in the world right now, but everyone knows that we're not what we were. everyone understands that. what i'm trying to figure out, can there be-- this policy has got to be such that we can grow our economy, but also still be-- if i make a car i'd like to sell it not just to the hundreds of millions here about you around the world. >> you will be able to do that. charles: let's talk about the election. the latest poll shows donald trump and ben carson neck and neck. cruz has come on nicely. and kasich came out with an economic plan. a lot of speculation who might be the vp. if donald trump gets the yom -- nomination? if donald trump gets the nomination, who should be the
vp. have you spoken to him about it? >> are you a doubter? >> have you spoken to trump about it? >> listen, you're successful person and you and donald trump share a lot together. as vp, would you be able to say, hey, occasionally donald trump, you've wrong on this? would you go to him and say in his face, on this particular issue, you're wrong? >> yes, look, i think it was a few days ago, ted cruz gave an awesome speech on the floor of the senate. it was awesome, and he talked about the picture from 60,000 feet up in the air. and i'm going to make sure that donald sees that and understands the magnitude of what lies ahead. i think don has all the qualities of leadership. when you asked me about mr. carson, he's a wonderful man, but does he have those leadership qualities?
because this country needs leadership right now. it needs to be led and i would love to see a trump-cruz ticket. charles: i think a lot of people agree with you. carl palladin 0: a fox poll shows that many are more worried, larry, what are behind the fears? i was talking about kind of the great depression mentality that lingers. i think that americans don't have faith in the future. >> it's hard to have so much optimism and they don't go hand in hand. if they have a television, they'll be skeptical. look what you're talking about
here, and crap, the democrats are going to give everything away for free. we're going to have to pay for that. there is going to be skepticism with anyone watching television. they have a bank account and realize that their wages are flat. and social security, they're not getting a bump for the third time. if they've got kids in
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>> well, we've got a rally today. a nice turn around from yesterday. 120 points now, back above 17,000. hanging in there despite the fact that the stock of today, netflix, getting slammed. right now down more than 9% after subscriber growth for the united states missed expectations and the company missed on the top and bottom lien to jo ling kent. on what netflix is planning to do or adjust to fix their net growth situation. jo: the idea is they're spending so much on the international development, singapore, taiwan and south korea and that they'll finally be able to make a profit after the end of 2016. they're hoping the numbers get better in about a year's time. in order to attract more users, what do they have to do? they have to develop more programs that are attractive and so they're going to spend more money there and they're going to take advantage of narc
0. the series about pablo escobar. china and japan. aren't they there soon? . jo: yeah, europe and asia, but it's a high cost. but you see market share divvied up more as some of the companies, 20th century fox, with hulu and-- >> if they get to the nations. amazon got the benefit of the doubt for a long time and building something and wall street was okay with it until last year and now they're bringing money to the bottom line. i assume that's what netflix is
trying to do. jo: they're trying to streamline and going up the challenges, the chip and pin cards. charles: that's a cop-out! how ridiculous was that. jo: i heard that, said that chip and pin cards are hurting subscriber renewals. you missed by, you know, a significant number in the forecast and that's what you're blaming it on. charles: yeah, yeah. jo: is interesting point. netflix is looking to grow and streamline its model and compete more about competitors like hulu. >> when you're successful, companies come after you. jo: got something on that. charles: next, new details how the u.s. may be losing business to other countries. it's a big topic. we're all over it.
tax rates of major countries as ireland is cutting its taxes. john brown says our tax rate is driving businesses out of this country. john, i wish i could say that is fox news alert but it's not. although looks like happening increasingly faster rate these days. >> yes it is, because companies are generating profits around the world as trade tends to become more free. particularly trading in china and everything. they do not wish to pay, corporations anyway, tax rate of 35% when countries like ireland have a fraction of that, less than 10%. i as member of parliament witnessed effects of massive tax cuts under margaret thatcher. cut personal income tax top rate from 92% to 64% and prosperity exploded. tax rates went down, but the total government tax take went up. ireland has attract ad huge
number of international companies to its shores particularly in computers and software. ireland is now a major european union software center. unfortunately oecd, which is dominated by large companies, big spending governments and high taxes governments doesn't like that competition. they will try to make it difficult for international companies to relocate for tax purposes to ireland. charles: the point is everyone watching they have an accountant or tried to find way to save money on personal taxes. no one likes to pay taxes. it's a natural fact. we earn mondayly, work hard and like to keep as much as possible. in this particular case, america not only with 35%, we're the only nation that punishes companies for have the timidity
shell selling products outside of our shores. donald trump is only candidate that talks about this make a window of 10%. i think they should make it zero percent. we saw success with george bush. what is likelihood, perhaps, america, do you think, because you spent a lot of time here as well, maybe learning that it is much better to let money flow and let economy naturally grow? >> i couldn't agree more. under republican and democrat governments we turned united states by far from the rich evidence country world has ever seen, most dominant militarily, to the dominant debtor. donald trump is only person i see on horizon capable of turning this thing around and freeing americans. when we work hard, why shouldn't we keep a reasonable amount of money to ourselves, particularly when you see that the government
takes so much, wasters even more and has to borrow. we're approaching a $20 trillion debt for the treasury. it is staggering. charles: we don't have a money problem. we have spending problem. it is insatiable. >> exactly. charles: john brown, thank you very much. appreciate your wisdom just like margaret thatcher did. thanks. next is walmart's wages going beyond walmart? listen, they warned about wages. it drove them down. what about the rest of the economy next.
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charles: walmart taking a major hurt after a major forecast downgrade. a large part of it had to do with higher wages. remember walmart voluntarily hiking wages and now they're paying for it. what about other companies that could soon be forced to hike their wages? former presidential candidate ralph nader. ralph, thanks for joining us this afternoon. you know, walmart, i guess looking at political tea leaves understood they had to make this move but it is pretty apparent it is taking a big chunk and hurting them already. >> not at all. they must think the public are fools. look at the figures, charles. the wage hikes, the small wage hikes that they put into effect will cost walmart $3 billion over the next two years. or 3% of their annual operating budget.
now watch what they have done. they have spent $20 billion in stock buybacks this year. in 2013, 15 billion-dollars in stock buybacks. after completing 36 billion in stock buybacks between 2009 and 2013. that is real money. and it doesn't produce anything productive for walmart other than increase the measurement criteria for executive compensation. stock buybacks are a huge scandal, and they're pouring tens of billions of dollars into stock buybacks and blaming this piddling raise for some their woes that tanked their stock? costco pays much higher wages on average than walmart and just has 4% increase in profits in fiscal year 2014. and a better stock performance this is decayed top management. charles.
decayed top management. charles: i know costco progressive like to hold up as example. container store and others that follow conscious capitalism which isoxymoronic line, but it your point what you're really arguing that the capital listic system as we set it up should be completely restructured so when a company goes public, they raise money, shareholders are no longer most important. that management should not look to reward people that funded their business in the first place. >> no. if they put billions, instead of stock buybacks, charles, put it into dividends, that would be a good thing. people get checks all over country and spend money economy would be improved. no, the stock buyback is terrible, terrible policy, designed to help the executive compensation at the top. the ceo of walmart, doug mcmillan, makes $12,458 an hour, an hour. $12,458 an hour.
average walmart worker is under $10 an hour. this is decayed management. charles: i will watch a baseball game later on. a guy will probably make two times what doug makes. ultimately we're talking about a different sort of skill set. specious argument and certainly dishonest when we start throwing those things out. here is the thing. almost every think tank that i can think of, no matter what their political leans acknowledges, forced higher minimum wages do result in fewer jobs. what we're talking about for the poorest people in it country, most households have poor household have three or four people that work. they don't make a lot of money. anywhere between eight an $10 an hour. if one get as raise, all get a raise up to $12, one loses a job, net-net that household takes enormous economic hit. do you understand out of compassion you feel for it you may destroy people in this country with forced higher minimum wage.
>> totally false on historic record. higher minimum wage which increases sales which increases profits which increases job. you don't get anywhere reducing freezing minimum wage eaten up by inflation. charles: consumer price index out, the number was down. there is no pricing power. very few companies outside of apple and nike can charge a lot of money for their product. >> charles, it is bad management. never mind your right-wing philosophy. charles: people haven't made money. >> it is bad management, charles. let me speak. you're interviewing me. charles: go. >> it is bad management. from any standpoint to spend billions of dollars on stock buybacks instead of giving it back in dividends to the shareholders, or increasing living wages of hard-pressed workers. just bad morale. in factual mart just admitted that they gave the raise in order to reduce employee turnover. charles: right. there is no doubt about that. listen, that is market force. that's fine. if walmart says that, that's good.
but if they did it to get ahead of political pressure because heavy 1.1 million workers and target of unions and target of progress serves, they're the targets of anti-capitalists maybe another reason they did it. because of free markets fine. here's ultimately what we're talking about. we're in a country with lackluster post recession, recovery, the worst ever! there is no pricing power. if a company has to spend more money, that has to offset it somewhere in where do you offset it? you fire people and if you can you raise prices. >> no, you don't have billions of dollars of stock buybacks. is that getting through to you? stock buybacks are something for top management executive compensation. condemned by economists. charles: i know i want to give you and you give all the answers. i guarranty you 50 million people in this country minimum own walmart stock. i guarranty you that. they were relying on it for their retirement. their retirement looks a lot worse today than it did 24 hours would have been a lot better if
the stock buyback were dividends and investing in new plant and equipment because amazon is on its tail. amazon wants to do to walmart what walmart did to sears. walmart just doesn't have good management. just doesn't have good management. charles: that is called creative destruction. if you think you're frustrated now, watch how much money amazon makes with a fraction of workers walmart has. i agree. look at charts of both companies. one is succeeding one isn't. before i let you go, isn't it the government's place, is it government's place to dictate how much companies pay their workers? >> yes. in surplus labor situation, you can imagine why there is surplus labor situation, corporations can deny people who work full time the opportunity to live a decent life. you should not be poor if you work full time in america. charles: ralph nader, leave it there. thank you very much. really appreciate it. >> okay, charles. charles: thanks a lot. man, that was fast. feds could be looking to regulate fantasy sports but are
they crossing the line? all rise. judge andrew napolitano is next. at ally bank no branches equals great rates. it's a fact. kind of like playing the boss equals the boss wins. wow! is it keeps the food out. for me before those little pieces would get in between my dentures and my gum and it was uncomfortable. just a few dabs is clinically proven to seal out more food particles. super poligrip is part of my life now.
choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number. don't miss the columbus day sale. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. right now save $600 on the #1 rated bed, plus 24-month financing. hurry, ends sunday! know better sleep with sleep number. >> connell mcshane back here with the fox business brief. we are as you see seeing gains in the stock market. this is interesting because we had mixed results from some big banking names. goldman sachs however did not. both stocks are up even though
they both fell short on revenues. so that is the kind of day we're having. let's take a look at walmart, walmart the day after as it were. it is down again after yesterday's huge decline following a warning on profits going forward, down another dollar today. tell you energy is another group of stocks we've been watching. we had data coming in showing much bigger supply build than expected. crude oil today is down for the fourth day in a row. longest losing streak its had in 2 1/2 months. energy stocks are worth watching based upon that. and many of them are actually higher with the price moving lower. more "cavuto: coast to coast" to come. dow up 131. back in a moment.
charles: fbi looking into fantasy sports business models. to judge andrew napolitano what he makes of it. i guess we knew this would happen obviously. >> we know it would happen, on its face it appears though there was fraud. a public betting in form of betting is legal. the house doesn't take percentage of pot. the house gets paid by some other way, per click, advertising click, like most internet venues do. then you have somebody who works there betting. that person walks away with $350,000. so the fbi scratching their head
were betters on notice? was insider information used? did he taylor the bet based on inside knowledge? people involved say it was legitimate lawful bet with no insider information. we'll see what the fbi comes up with. charles: when someone plucks down 25 bucks and gets 350,000 back, that is more than dumb luck. that is more than being good at something. >> hillary with the pork bellies. put down 1000 and 100,000 two hours later. charles: hillary is lucky. >> that is a story for another time. >> appears there was plain old-fashioned cheating. now what is cheating? cheating is a material misrepresentation that somebody relied on. cheat something giving impression that all betters were equal but one is not. but if everybody, if everything is aboveboard -- charles: sure. >> if you or i participate in a bet with third person and we know he is allowed to use insider information and we're foolish enough to do it there is no federal crime. the fbi will look at what did
this person know and what did betters no. it is very profitable. i don't do this. very profitable and lot of people our age and male friend of ours like football do this all the time. charles: the game sunday is was so boring i almost did it to make it interesting. to your point, even on wall street, people will be shocked what you get away with it if you disclose it. it is all about full disclosure. >> correct. that is all about what the fbi is concerned about and it, what you're disclosing is not against public policy, it is lawful, even gives you advantage. if somebody is willing to take advantage, knowing you have numerical advantage, that is your risk. assumed risk. charles: in betting parlance would be the edge. >> i'm not familiar with that phrase. charles: i used to have a guy come to our office with football flips. charlie, i will give you the edge. this guy broke his ankle. i will piv you the edge! >> the fbi does not like investigating stuff like this. why not? charles: yeah.
>> probably a lot of them are in on it. charles: believe me, they have a lot on it. more than likely, you bring this up a lot. when all said and done, they all have policies that will be fully disclosed. >> right. charles: and i bet if there any of these guys who allow employees to continue to bet on earth sites, new sights will come along and say we don't do that, use it as marketing edge. >> sure. to be scrupulously fair her, the better who put down 25 bucks, did not bet on site that employed him. charles: he bet on rival site. >> correct. did he have superior knowledge on what rival site was doing because of employment. i don't think they will find a crime. these guys seem to be willing to open everything up. charles: we had the draftkings ceo came on immediately with maria bartiromo and said as much. hard to believe behind the scenes with all of that data, someone wasn't crunching it.
we'll see. we'll let justice run its course. i just think that, once fbi is done and justice department is done, politicians will start to play ball. >> they are salivating, particularly a congressman from southern new jersey, forgive me his name is escaping me, can't wait to have the federal government regulate this. this same federal government that can't deliver the mail wants to regulate this. charles: i appreciate it. judge. breaking news on another possible candidate in the presidential race. charlie gasparino has that. you have to stay tuned. we'll be right back. ♪ romantic moments can happen spontaneously, so why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right.
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charlie gasparino has the breaking news. democratic strategist ebony williams is here. hit us. >> consider the sources it is not me. bill ackman was speaking at an mfa conference, management futures association conference today at the pierre hotel. he said once again he believes michael bloomberg will likely run for president in 2016. interesting enough he says he thinks it will be as an independent. he believes it will be in the first quarter. he will announce. how does bill ackman know this? based on my sources, i wasn't there. my sources were there, so i'm getting this from multiple people. he didn't really say but we should point out that bill ackman is fairly large invest tore, someone who rubs shoulders with someone like michael bloomberg. charles: our audience knows. i call these guys one of pharaohs wall street.
>> managed funds association. charles: managed funds association. here's the thing, when michael bloomberg initially announced first run for mayor of new york, i didn't think he had a shot. he stayed to so long, breaking constitutional rules, what kind of impact would it have? >> i think it is huge, charles. if it happens it exciting to me. i'm registered independent. if he runs as independent, largest growing part of the electorate. >> who does it hurt? >> oh, it hurts hillary, big time. it hurts hillary, tell you why. many on the left, really can't even consider the gop candidate will vote for her by default if she is nominee as it currently stands especially with biden up in the air if bloomberg comes in, he becomes clinton alternative. many people on far left are -- charles: he would also say i'm the trump alternative. perhaps he can run a self-funded candidacy as well. he definitely would be against donald trump on some of these trade things i would think. >> immigration.
charles: considering his background. so 50% of the millenials consider themselves independent right now. so it would be so intriguing. >> i think it would be intriguing. i think it is hard to say exactly who it would be hurt. wouldn't be liked by far left because he is wall street guy. he made billions, worth $20 billion, first working at solomon brothers as trader and developing revolutionary data processing, bloomberg data, say what you want about the news service which i doesn't care much about -- charles: anytime you charge three or four grand a month. better than googling. >> one of the greatest inventions of financial markets ever seen. does the far left or, they're not even far left, mainstream democrats on the left right now, do they like a wall street guy like that? that's a question, so i don't know. >> i think he can sell the message. i think -- charles: what would message be? >> the fact someone owns he is ritual street fat cat guy who
does well with it, versus someone pandering like hands off deck but benefiting. that seems disenginous. >> he sounds republican but he is liberal socially. by the way libertarians will hate him. he is guy wanted to do soda ban. he cuts across some of these lines. charles: we'll see. can't wait. thanks a lot, guys. we'll be right back in a moment.
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charles: huge day for us today. don't forget that special fox business exclusive, liz claman will bring us her interview with treasury secretary jack lew today. that's at 4:00 p.m. i will have reaction and follow-up on my show, "making money." that starts at 6:00 p.m. a lot of things going on. stay with us. it is "the intelligence report" with trish riege ban. trish: thanks so much, charles. breaking, hillary clinton flip-flopping again in desperate
attempt to buy votes, new polls show hillary clinton losing in a match up with every top republican. i'll trish regan, welcome to "the intelligence report." stumping in san antonio, texas. doubling down on hispanics. this is picture coming to us live from san antonio. we're expecting to hear her speak where they will promise more free stuff. health care for illegal immigrants and paid leave for parents. a little bit of a difference from what we've been hearing for clinton say or we're about to hear from her today. hear from her in the debate versus 16 months ago. listen to this. >> we have to send a clear message. just because your child gets across the border, that doesn't mean the child gets to stay. we have to do several things. i'm adamantly against illegal immigrants. people have to stop employing illegal immigrants. trish: funny how times change, right? consider what she was saying on stage the other night. who is hillary clinton really?